RARE's aim is to provide investors with high quality portfolios of listed infrastructure securities. These are managed by an experienced team of specialists who invest in companies that own and develop major infrastructure assets (such as airports, gas, electricity, water, roads, ports and communication towers in both developed and emerging economies).

Philosophy

RARE’s ambition is to be recognised as the pre-eminent listed infrastructure investment manager globally. To achieve this RARE is focused on delivering the following:

Excellent investment outcomes for our clients

Meeting or exceeding our client service expectations

Creating a high performance culture

RARE’s philosophy is to provide investors with a high quality portfolio of listed infrastructure securities managed by an experienced team of infrastructure specialists. The company’s investment and risk management approach is reflected in its name - Risk Adjusted Returns to Equity (RARE), with the risk / return relationship being a prime focus. RARE’s key goals are to build and manage portfolios that exhibit attractive risk / return characteristics, liquidity and superior medium to long term returns.

Charles Hamieh

Shane Hurst

Nick Langley

David Maywald, CFA

RARE Infrastructure is affiliated with Legg Mason Investments (Europe) Limited through common control and ownership by Legg Mason, Inc. Legg Mason Investments (Europe) Limited provides its clients with access to RARE primarily through its UK and Ireland domiciled funds, in which RARE serves as investment manager.

The value of investments and the income from them may go down as well as up and you may not get back the amount you originally invested.

This site uses cookies for collecting user information from certain pages of Legg Mason’s websites (the “websites”). This policy explains what cookies are, how they are used within the websites of Legg Mason and what the user can do to manage them. Any references to “Legg Mason” are meant to refer to Legg Mason Investments (Ireland) Limited and/or any other Legg Mason Inc. group entity.

This website contains important legal and general information on Legg Mason, Inc. and its investment subsidiaries. Please scroll down below to read these sections. If you do not agree and consent to any part or any section please do not accept and enter the website. Those accessing this website must select their country of residence or investor status and may not access any other country areas or view content that is not aimed at the applicable country of residence or investor status. This website is not directed at you if Legg Mason, Inc. and/or its investment subsidiaries is prohibited by any law of any jurisdiction from making the information on this site available to you and is not intended for any use that would be contrary to local law or regulation.

This website is not directed at any jurisdiction other than those accessible from the international site above. The products described on this website have not been registered under the United States Securities Act of 1933, and are not offered and may not be sold in the United States or to US citizens and residents.

Please read the following 'important information' and confirm that you agree to the terms and conditions of use of this website and that you will only access information relating to your country of residence. Depending on your jurisdiction you may not have access to all the fund ranges or funds available on this site.

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Introduction

1.0 A brief introduction about this website

This website is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security that may be referenced on or through this website in which such an offer, solicitation or distribution would be unlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation. Nor does this website constitute an offering or recommendation by Legg Mason Investments (Ireland) Limited or any of its affiliates described herein of any security, investment management service, or advisory service. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. No representation is given that the securities, products, or services discussed on or accessible through, this website are suitable for any particular investor. Products and services mentioned on any links to this site or on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be available in all jurisdictions. Investors should consider all risks including all specific risks of the products described in this website carefully prior to investing in any units or shares in any funds and should consult financial, legal, accounting, tax or other relevant advisors as necessary.

No person or company (including other financial sector related companies) may link their website to this website without the express permission of Legg Mason Investments (Ireland) Limited.

1.1 Who is the operator of this website?

This website is owned and operated by Legg Mason Investments (Ireland) Limited which is a wholly owned subsidiary of Legg Mason, Inc. ("Legg Mason"), a U.S. based financial services holding company that is listed and traded on the New York Stock Exchange. Unless otherwise indicated, all of the information on this site is approved for publication by Legg Mason Investments (Ireland) Limited, registered office 6th Floor, Building Three, Number One Ballsbridge, 126 Pembroke Road, Ballsbridge, Dublin 4, D04 EP27, Ireland. Registered in Ireland, Company No. 271887. Authorised and regulated by the Central Bank of Ireland.

Yes. This website may also cover information on certain investment managers depending on the jurisdiction in which you are based.

Each of the investment management companies described in this website (with the exception of Shiozumi Asset Management) is affiliated with Legg Mason Investments (Ireland) Limited through common control and ownership by Legg Mason, Inc. Legg Mason Investments (Ireland) Limited provides its clients with access to such affiliates primarily through its proprietary Irish, Luxembourg and UK domiciled funds, in which such affiliates serve as an investment manager or a sub-investment manager. While some of the affiliates are authorised or licensed to conduct business in one or more European jurisdictions, they may not be authorised to offer their investment advisory services in all European jurisdictions.

2.1 What do I need to know about the accuracy of information contained within this website?

No warranty is made in respect to the information contained in this website. Legg Mason Investments (Ireland) Limited believes that the information contained and opinions expressed in this site are accurate at the date of publication. Any fund prices contained in this website are indicative only and should not be relied upon for dealing purposes. For price information click here.

Although Legg Mason Investments (Ireland) Limited shall use all reasonable endeavours to ensure that the information contained on this website is accurate and kept up to date, it cannot be held responsible for any losses or damage incurred as a result of using any out of date or superseded information on this website.

2.2 Does this website offer financial advice?

No. Legg Mason Investments (Ireland) Limited does not give investment advice or recommendations in respect of its product ranges or services offered. Nothing contained within this website should be construed as the giving of investment advice or recommendation. An investment in any of the funds mentioned in this website may not be suitable for all investors. Investment in any of the funds described in this website should only be made on the basis of the relevant prospectus, key investor information document or other relevant fund documents as may be amended from time to time.

2.3 What are the general risk factors I should be aware of before accessing information on this website?

Past performance is no guide to future returns. Please note that the price of units or shares and the income from them can fall as well as rise and you may not get back the amount originally invested. Income receivable may vary from the amount of income projected at the time of making the investment.

Exchange rate fluctuations may affect the value of an investment and any income derived from it.

If you exercise any right to cancel, you may not get back the amount initially invested if the unit or share price has fallen since you invested.

Deductions for charges and expenses, particularly the initial charge, are not made uniformly throughout the life of the investment, so if you redeem out of the investment during the early years, you may not get back the amount invested.

The investment products and services may have tax consequences. There can be no guarantee that the tax position or proposed tax position prevailing at the time of an investment will not change and are subject to an individual's circumstance. You should consult your own tax adviser in order to understand the tax consequences of the products and services on this website

Dividends and capital gains on securities issued in the relevant funds may be subject to withholding taxes imposed by the countries in which each particular fund invests.

Acquiring units or shares may expose an investor to a significant risk of losing the entire amount invested.

Any person who is in any doubt about investing in any of the funds described in this website should consult an authorised person specialising in advising on such investments.

Investing in financial products carries inherent risks, risks vary by product. For full risk information on any products you should read the prospectus and the key investor information document.

2.4 Are the range of funds on this website available to "U.S. Persons"?

No, the funds are not registered as investment companies in the 'United States' under the U.S. Investment Company Act of 1940, as amended, and the shares of such funds are not registered under the U.S. Securities Act of 1933, as amended ("Securities Act") nor are they registered under any other act or regulation in the 'United States'. Shares of the funds are not available for purchase by "U.S. Persons" as that term is defined under Regulation S of the Securities Act. The information provided on this website is not intended for distribution to, or use by, any person or entity in the 'United States', or in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject any of the funds described herein, Legg Mason Investments (Ireland) Limited (including its affiliates) or any of their products or services to any registration, licensing or other authorisation requirement within such jurisdiction or country. Please refer to the applicable fund's prospectus and offering document for more information.

2.5 Does this website include content from third-party providers other than Legg Mason and its subsidiary companies?

Yes. Through this website, you may have access to market data such as news reports, third-party analyst reports, research, last sale transaction data, securities price quotations, and other information relating to securities and the securities markets ("Market Data"). Legg Mason Investments (Ireland) Limited may obtain this Market Data from third parties who are independent of Legg Mason Investments (Ireland) Limited. Even though the sources of the Market Data provided on this website are believed to be reliable, Legg Mason Investments (Ireland) Limited is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the Market Data.

The Market Data is provided "as is" and on an "as available" basis. Legg Mason Investments (Ireland) Limited will not be responsible for lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or other information. Legg Mason Investments (Ireland) Limited is not obligated to update or to continue to offer Market Data or other information accessible through this website.

You may also have access to a third party's website. Legg Mason Investment (Ireland) Limited is in no way responsible for the content of any website to which this website may link. The information to which the user links is neither prepared nor maintained by Legg Mason Investment (EIreland) Limited, and Legg Mason Investment (Ireland) Limited has not and will not review or update the information contained in any linked website. Legg Mason Investment (Ireland) Limited is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of the linked website.

2.6 Important information about liability

Legg Mason Investments (Ireland) Limited makes no warranty or representation that the website can be accessed at all times. The website may, without notice, be temporarily unavailable or restricted for administrative or other reasons.

You agree to indemnify and to keep Legg Mason Investments (Ireland) Limited (including its affiliated or associated companies) and their officers, directors, employees and agents fully and effectively indemnified against any action, cost, claim, injury, loss, damage, proceeding or expense (including but not limited to any legal fees, costs and expenses whatsoever and howsoever arising, including in respect of any third party claim, on a full indemnity basis) occasioned by or arising directly or indirectly from or related to:

(i) your access to and/or use if the Legg Mason Investments (Ireland) Limited website and /or any other third person or entity's use of the website and/or:

(ii) any breach or non-observance of any of these terms and conditions by you and/or any other third party and/or:

(iii) the operation, use or supply of information by you to a third party provided in breach of any of your obligations under these Terms and Conditions.

2.7 Intellectual property

All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Legg Mason, Inc, or one of its Legg Mason group companies. The content of this website is protected by applicable intellectual property law; Legg Mason, Inc. reserves all rights with respect to intellectual property ownership of all material on this website, and will enforce such rights to the full extent permissible by law. The material accessible on or through this website is accessible for personal browsing and printing purposes only. Users of this website may not otherwise:

(i) copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way material from this website without the express, written permission of Legg Mason Inc. (or any of its subsidiaries),

(iii) display any of the pages, text, images, or other content of this website using “framing” technology without Legg Mason Inc’s (or any of its subsidiaries) express written permission;

(iv) modify or use the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use; or

(v) take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Legg Mason Inc. (or any of its subsidiaries).

You agree that Legg Mason Investments (Ireland) Limited shall not be under any obligation of confidentiality to you regarding any such information or materials submitted to it using this website unless agreed otherwise in a separate direct contract between you and Legg Mason Investments (Ireland) Limited.

You acknowledge that the contents of the foregoing provisions of these terms and conditions shall not limit any specific provisions which may be set out in the individual terms and conditions of particular products and services offered through this website.

Other information

3.0 Changes to content within the website

We reserve the right, in our sole discretion, to change, modify, add or remove portions of these Terms at any time without notice to website users. Similarly, we reserve the right, in our sole discretion, to change, modify, add or remove the content of this website. You must check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be effective upon posting on this website. If you access this website after we post changes to the Terms, you accept the Terms as changed.

3.1 Privacy policy and data protection

Your privacy is very important to Legg Mason Investments (Ireland) Limited. To the extent any information you provide or which we obtain from this website constitutes personal data, we have set procedures for the use of that information.

Unless restricted by applicable law, you agree that any and all personal information/data relating to you collected by Legg Mason Investments (Ireland) Limited from this website from time to time may be used and disclosed for such purposes and to such persons as may be in accordance with Legg Mason Investments (Ireland) Limited current Privacy Policy. A copy of Legg Mason Investments (Ireland) Limited's Privacy Policy may be accessed by clicking here.

Legg Mason may also use cookies when users access this website, for more information please see our cookie policy.

Please note that if you telephone Legg Mason Investments (Ireland) Limited, calls may be monitored or recorded to maintain and improve services.

3.2 Termination

Legg Mason Investments (Ireland) Limited reserves the right to terminate this Agreement, your access to or use of this website and/or any such sites at any time or notice with or without cause.

3.3 Modification

Legg Mason Investments (Ireland) Limited reserves the right in its discretion to modify and/or change without restriction and without prior warning or notice any information or material contained in these terms and conditions or otherwise any applicable terms and conditions to relevant products and/or services available in or on this website. Continued use of the website by you shall be deemed to indicate your continued consent to any such new, modified, deleted or amended terms and conditions.